My 1st Homework Task to Prof. @gbenga | Explain in full a project built on the Ethereum Blockchain
Hello there my all Steemians!!!
This will be my 1st ever homework task for Prof. @gbenga knowing that it is already 4th week but I do believe I am not too late and so far I enjoyed reading all the topics being shared here on Crypto Steemit Academy.
The task given by Prof. @gbenga is to explain a Project built on Ethereum Blockchain and what I am going to share is a Decentralized Exchange named SushiSwap.
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What is SushiSwap?
SushiSwap is a Decentralized Exchange built on top of Ethereum Blockhain. If we say Decentralized, there is no central entity that govern the platform which means we can easily manage our assets. This platform seems to be like Uniswap whose goal is to make trading of Ethereum based assets easier by just having its feature of swapping. This is done by just locking up assets on a smart contract then all traders and sellers will do transactions of its pool and swapping of one coin to another coin. Sushiswap was just a copy paste of the open-source platform Uniswap by pseudonymous individual or group called chef Nomi and its co-founder OxMaki where it is built for the benefits of those who have Ethereum based assets.
One main function of SushiSwap is to make ease on converting assets to other assets which contradicting to a traditional Crypto exchange which here there is no central entity who can operate our assets. Another main core function of Sushiswap is to facilitate its users to do transactions of buying and selling in the platform by its feature of pool and swapping.
SUSHI TOKENS
The native token of SushiSwap is called Sushi Tokens which already tradable in different crypto exchanges and this token also runs a big role in the SushiSwap platform for it has a function in maintaining and the operation of the SushiSwap platform. One big role can the Sushi Token can do is that every users who holds it has a power to vote of any proposal being raised which have an impact to improve the ecosystem and anyone can submit proposal to vote in. Another advantage of holding a Sushi Tokens is you can earn by just staking it into xSushi Pool feature of the platform which will let you earn a portion from the networks generated fees. Another feature in SushiSwap is this SushiBar which let its users who stake Sushi Tokens earn xSushi Tokens.
SushiSwap has been doing great as it is also tends to be the leading Decentralized Exchange after Uniswap. As it is like us to Uniswap, they still have different unique features to look for and better to try them both.
This is the end of my homework tasks by @gbenga with the task to explain a project built on Ethereum Blockchain. I really enjoyed this tasks and hopefully this will be accepted.
Thank you very much and until next week's lessons and homework tasks.
Thank you to all who supports this project, to Steemit Team, @steemcurator01, @steemcurator02, @steemitblog and to all the Professors.
To God be the Glory!!!
Your Student
Sushiswap has become a big competitor for its predecessor Uniswap but then, do you think Sushi Swap pool can be hacked?
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